The Baltic country is less well known even among the blockchain enthusiast, but it is unjust. With a favorable starting position and wise decisions for the future, Estonia has developed into one of the most digitized countries in the world. With its eResidency program, it offers every citizen the opportunity to participate in his achievements. Now Estonia is taking a step further and is even considering the introduction of an “estcoin”.
After the fall of the Soviet Union, the crippling grip of communism subsided, and in 1991 Estonia regained its independence. While the widespread mismanagement revealed its damage, this situation also brought a new chance.
During the rebuilding of the administration one was inspired by the advent of the Internet. Integration should catapult the administration of the Eastern European country.
Today, 1.3 million Estonians benefit from a fully digitalized management that minimizes costs and transforms annoying bureaucracy into handy applications. Around 600 digital applications are open to the public, and almost 1,300 more are available to businesses. While the German administration is slowly changing from paper to computer, the following things can be handled digitally in Estonia:
To sign a contract online
Pay with the mobile phone parking fees
Digital prescriptions for medicines
Within 18 minutes on their own PC a company
State subsidies, such as the parental allowance
The simple scalability of a digital administration has resulted in the development of the eResidency project. Anyone can apply for digital citizenship and thus benefit from many simple applications. Thus, a company can be founded, for which applications of the Estonian administration can be used. This allows you to link a PayPal account with the company in a matter of minutes, set up bank connections, and still be completely global and independent – just a trend in the emerging scene of the “digital nomads”.
Currently, the rate of new entrants in the eResidency program exceeds the Estonian birth rate. There was a question for Kaspar Korjus, head of the Estonian eResidency program, what would happen if the program had 10 million digital citizens?
The fact that the administration is already digitized allows it to integrate new digital projects more quickly. Even China considered the introduction of a crypt diet, so the idea was not alien in Estonia either.
Invest in a country
The situation may seem unfamiliar, but Korjus described the possibility “to invest in a country” with a national ICO. But the idea is not as new as it seems. Norway, for example, developed an oil fund named “Statens pensjonsfonds”, which conserves the great profits from the oil deposits of the North Sea for the generations to come. With wise prospect, the Norwegians decided to make provision for the time when the oil would run out.
Currently, the fund counts around 840 billion euros, which would mean around 150,000 euros for each Norwegian. Interestingly, the fund is reinvesting in Norway. It is hardly surprising that Norway is the most developed country in the world after the HDI (Human Development Index).
An ICO would represent a similar development for Estonia: investors could invest in the country’s opportunities, which, according to Korjus, could mean particularly strong developments in the long term. Through a cooperation between the public and private sectors, Estonia could invest in future-oriented projects like Artificial Intelligence, while at the same time acting as a model for a digital society.
Before the support can begin, the proposal of an ICO must be examined first. After that, a white paper will be prepared that will illuminate the value of an estcoin. It will also examine how the investment can be used to develop the digital nation. As soon as a pilot project is available, it can be scaled and deployed, according to Kaspar Korjus.
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